It’s easy to get wrapped up in buying the latest and greatest for your loved ones during the holidays. But all that spending could put you in debt. Here are 8 ideas for holiday gifts on a budget…

Do you vow not to overspend in December, and each January find yourself with a mountain of holiday debt and a case of buyer’s remorse? It’s time to break this all-too-common budget-busting cycle.

With a little planning, compromising and belt-tightening, you can enjoy the holidays and start the New Year free of holiday debt.

Take these 8 steps today to avoid a holiday debt hangover.

1. Set a spending limit
Chances are you know how much money you can truly afford to spend during the holidays, and that figure may not match with what you’d like to spend.

Trouble is, the difference between what you can afford and what you want to spend often ends up on credit cards or results in an inability to pay some bills come January.

Avoid this shortage by making a commitment to spend only a set amount.

2. Make a list and check it twice
Once you've accepted the fact that you can’t overspend, list everything you think you can realistically afford this holiday season, along with the approximate price of each item. Add up the cost and compare it to your spending limit.

If your list totals more than your budget, cut items from the list until you come within your limit. This may mean reducing the dollar amount of gifts or their number, or cutting back on entertainment or decorations.

3. Get creative
Cut back on pricey gifts by tapping into your creative side and making presents. Replacing just 1/4 to 1/3 of your gifts with homemade items can help you stay within budget.

Besides, making presents can be fun. Sew, knit, weave or paint if you’re crafty. Or bake or cook if you’re good in the kitchen. Gifts of time are also much appreciated, including offering to babysit or whipping up a gourmet meal as a special treat.

4. Take advantage of “share gifting”
If you have your heart set on giving someone special an expensive gift that’s sure to bust your budget, try using an organization, such as Shareagift. This allows you to pool your financial resources with friends and family by teaming up to buy costly gifts.

5. Use rewards points
Cash in reward points from a credit card or other membership program; you can often trade them for gift cards that make great presents. Many recipients are delighted to receive “money” that they can spend on themselves. Plus, using your rewards points costs you nothing but the time it takes to order the cards. Request them as soon as possible so they won’t get lost in the holiday rush.

6. Focus on the reason for the season
Don’t put yourself in situations and places that encourage you to spend unplanned money, such as hanging out at the mall.

Instead, schedule outings with family and friends that focus on togetherness. Good choices include hosting a holiday movie marathon with candy and popcorn, venturing out to admire Christmas lights, and holding a caroling party complete with hot apple cider to warm up vocal cords.

7. Try potluck parties
When everyone brings something to a holiday party at your house, it greatly curtails the amount of money you’ll have to spend. Not having to cook all the food also helps spread around the labor, giving you more time to enjoy the season.

8. Shop early
Buy those presents as soon as possible. When people have enough time to shop without feeling rushed or pressured, they tend to make more frugal gift choices.

Choosing gifts early also gives you time to comparison shop. And when you’re not in a big hurry, you’ll be more likely to tally up what you’re spending as you move through the store, and that will alert you when you approach your spending limit.

Armed with a solid action plan for your holiday budget, you can keep your promise to yourself and not overspend this season.

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